Published By: SME
Engineering economics is the name given to techniques for evaluating financial decisions in the engineering enterprise. The objective is to provide a means of making economically sound decisions in the execution of engineering projects. Engineering economics requires the comparison of cash flow patterns. There are many different techniques used in engineering economic analysis to evaluate alternatives. Manufacturing cost estimating has been defined as the process of forecasting the bottom line cost totals associated with the completion of a set of manufacturing tasks. Value engineering provides a systematic approach to evaluating design alternatives.
By Philip D Rufe, CMfgE
By Ahmad K Elshennawy, Gamal S Weheba, PhD